VANCOUVER, Aug. 6, 2014 /PRNewswire/ - American CuMo Mining Corporation ("CuMoCo" or the "Company") (TSXV: MLY; OTCQX: MLYCF) is pleased to announce that on Friday August 1, 2014, at the request of legal counsel for International Energy & Mineral Resources Investment (Hong Kong) Company Limited ("IEMR HK"), the British Columbia Supreme Court Judge adjourned the hearing to appoint a receiver-manager for CuMoCo. Legal counsel for IEMR HK applied for an adjournment following the filing by the Company of affidavits that presented substantial evidence that contradicted the affidavits presented on behalf of IEMR HK by Mrs. Fu, the wife of Hongxue Fu, ex-chairman, ex-president, and currently a director of the Company and the controlling person of IEMR HK and by Charles Yuen, ex vice-president and currently a director of the Company. Legal counsel for IEMR HK requested the adjournment in order to obtain an affidavit from Hongxue Fu himself, who is currently in China.
The Company will continue to defend itself from this lawsuit that IEMR HK filed the same day the voting results were revealed at the shareholder-requisitioned general meeting of shareholders held on July 22, 2014.
As a result of Mr. Thomas Conway being elected as an additional director of the Company and subsequent motions passed by the new Board of Directors, CuMoCo is proceeding forward with the business of the Company and entering into discussions with various groups to arrange necessary financing to fund the activities of the Company and to remove the debentures that are being used by IEMR HK in an attempt to appoint a receiver. The Company is also investigating possible merger and joint venture opportunities to move the CuMo Project forward.
CuMoCo is focused on advancing its CuMo Project towards feasibility and establishing itself as one of the largest and lowest-cost molybdenum producers in the world as well as a significant producer of copper and silver. Management is continuing to build a strong foundation from which to move the Company and the CuMo Project forward. www.cumoco.com .
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new release.
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation including, but not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, such the Company's ability to move its CuMo Project to feasibility and production, and to become one of the largest and lowest-cost molybdenum producers in the world as well as a significant producer of copper and silver. Forward-looking information is based on a number of material factors and assumptions, including the result of exploration activities, the ability of the Company to raise the financing for a feasibility study and to put the CuMo project into production, that no labour shortages or delays are experienced, that plant and equipment function as specified that the Court will not intervene with the Company's proposed exploration activities at the CuMo Project, and the ability of the Company to obtain all requisite permits and licenses to advance the CuMo Project and eventually bring it into production. Forward-looking information involves known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future prediction, projection or forecast expressed or implied by the forward-looking information. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of molybdenum, silver and copper; possible variations in grade or recovery rates; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing, as well as those factors disclosed in the Company's publicly filed documents, including the Company's Management's Discussion and Analysis for the period ended September 30, 2013. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
SOURCE American Cumo Mining Corporation